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Conservative Party conference fails to strengthen Theresa May power


EUR/USD continue in tight range trading with EUR cross firm up will indirect support the pair and earlier Germany construction PMI at 53.4 vs previous 54.9 with little impact, later ECB minutes and also with US data will have some intraday impact, support at 1.1735-40 and resistance at 1.3815-20; today prefer buy on dips with tight stop strategy.

USD/JPY retrace slightly with earlier USD weakness and JPY cross selling effect and with steady stock market and UST yield and expect more sideways consolidation high likely, today US data and stock/bond market move will have some intraday impact, support at 112.30 and resistance at 113.10; today prefer in range trading with tight stop strategy.

GBP/USD further down after Conservative Party conference fails to strengthen Theresa May power and cross selling with earlier UK car sales -9% and recent data still fragile but most around expectation, today US data and stock/bond market will have some intraday impact, support at previous MPC swinging low 1.3150 and resistance at 1.3230; today prefer in range trading with tight stop strategy.

USD/CHF around similar level with yesterday and steady EURCHF above 1.1450 will indirectly support the pair, with UST yield and stock market stable recently and will see more steady upside move despite Catalonia moves to declare independence from Spain on next Monday news may have some pressure on the cross but so far market reaction very calm and orderly, today US data and stock/bond market move will have some intraday impact, support at 0.9720 and resistance at 0.9800; today prefer in range trading with tight stop strategy.

EUR/JPY higher gradually on EURUSD higher effect with steady USDJPY move overnight and also with stock market higher and stable UST yield effect, today ECB minutes and US data as well as stock/bond market move will dominate the intraday action, support at 132.30-40 and resistance at 133.50; today prefer buy on dips with tight stop strategy.

EUR/GBP continue higher on broad GBP weakness after conservative party conference fails to strengthen Theresa may power as well as lack of progress of Brexit negotiation, today UK car sales -9% and recent data have some sign of softening also have added pressure for GBP, today US data and stock/bond market might have some impact as well as ECB minutes, support at 0.8900 and resistance at 0.8965; today prefer keeping buy on dips with tight stop strategy.

GOLD remain similar level with yesterday and market much neutral on China golden week holiday and steady US index, today lack of key risk event and will expect more sideways consolidation pattern continuation and prefer in tight range trading pattern.

Silver lower slightly on some adjustment for GOLD/Silver ratio overnight but overall in tight move and today US data and stock/bond market might have some intraday impact, support at 16.45 and resistance at 17; today prefer in range trading with tight stop strategy.


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